Shoppers line up for Black Friday sales outside of the Kmart in the North Hollywood area of Los Angeles(Photo : Reuters)

By Zanub Saeed

Kmart announced the unveiling of its new Halogen Reloadable Prepaid MasterCard, which will require no bank account and $0 activation fee to load money into the card to pay at the nationwide department stores.

With the new Halogen Reloadable Prepaid MasterCard, consumers can have free ATM withdrawals at over 20,000 ATM stations across the country, and reload their card whenever they want without having to pay an initial charge, said a press release issued by the Sears Holdings Corporation, the parent company of Kmart, on Tuesday. The card will allow customers to get money at ATMS, pay bills, and shop in-store and online at Kmart.com, noted the press release, as well as any place where a demit MasterCard is accepted around the world.

"Kmart's Halogen Reloadable Prepaid MasterCard is a great money management solution for customers seeking an alternative to cash, credit or checking accounts," Jai Holtz, VP of Financial Services for Sears Holdings, said for the press release. "With the introduction of the Halogen Card, we're giving our customers a smart, convenient and safe way to manage their money and gain control over their personal finances."

The Halogen Reloadable Prepaid MasterCard can be used without a credit check or bank account, has no minimum requirement, listed the press release. Customers who own the cards can sign up for direct deposit for their paychecks, tax refunds, and government benefit payments, with no extra charge, said the press release.

Money can be put into the Halogen Reloadable Prepaid MasterCard at any Kmart store, or by buying a Green Dot MoneyPak at any of the almost 60,000 Green Dot stores across the country, said the press release.

"This program is another way Kmart is providing its shoppers with increased value," Ron Hynes, group executive, global prepaid, MasterCard, was quoted as stating for the press release. "The flexibility to load money - from their job or benefits - combined with the immediate access to use those funds in-store or online, delivers greater convenience over cash and checks."